Tel Aviv stocks are rising on low turnover after the two-day Pentacost holiday, despite the drag from Nasdaq's fall on Friday.
The indices are being boosted chiefly by mammoth drug company Teva Pharmaceuticals (Nasdaq:TEVA), which is powering ahead by 4.3% after starting the day on a wide arbitrage gap of 4.8%.
The Maof-25 index is up 0.84% to 442.6 points and the TA-100 index is rising 0.6% to 429.2 points. The Tel-Tech index is inching up by 0.2%. With total turnover of NIS 105 million, trade is sluggish with one notable exception.
Moritz & Tuchler portfolio manager Ilan Sasson says that the session is calm due to the steadiness evinced by Europe's markets today, and the mild positive trend indicated by Nasdaq futures.
Action in Bank Mizrahi stock is uncharacteristically frenetic. It's down 0.1% on 25% of the total turnover, or NIS 24 million, after starting on a drop of 1.6%. The factor behind the extraordinary activity is that shares held by bank workers were freed from lockup. Evidently the bank's employees are storming the floor and selling strong. Earlier in the morning Mizrahi shares were down 1.6%.
Bank Hapoalim is up 0.2% and Bank Leumi is down 0.6%. Bank Discount is down 0.1%.
The second most-lively stock this Tuesday morning is Teva Pharmaceuticals (Nasdaq:TEVA), which is climbing 4.3% after starting on a positive arbitrage gap of 4.8% with Wall Street. Turnover is a high NIS 8 million.
Israel Corporation 1 stock is up 0.9% despite the company's weak first quarter results. The company today reported a 3% dip in first quarter revenues to NIS 1.88 billion, and a 97% nose-dive in net profit to NIS 1.6 million. In the first quarter of 2001, the company wrote down the value of its investment in Koor Industries (Nasdaq:KOR) by NIS 18.4 million.
For the comparable quarter of 2000, Israel Corporation reported netting NIS 57.5 million.
Koor is meanwhile trading unchanged.
Mineral-water producer Mayanot Eden and Urdan Industries also revealed disappointing results for the first quarter today. Not one transaction in either company's shares has been recorded yet today.
Food manufacturer Osem is hopping 0.9 on meager turnover of NIS 650,000 after today reporting a 6% hop in first quarter revenues to NIS 530.7 million, and on steeper 20% growth in net profit to NIS 25 million.